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Open AccessFeature PaperArticle

Are Some Forecasters’ Probability Assessments of Macro Variables Better Than Those of Others?

ICMA Centre, Henley Business School, University of Reading, Reading RG6 6BA, UK
Econometrics 2020, 8(2), 16; https://doi.org/10.3390/econometrics8020016
Received: 24 November 2018 / Revised: 30 April 2020 / Accepted: 2 May 2020 / Published: 6 May 2020
(This article belongs to the Special Issue Celebrated Econometricians: David Hendry)
We apply a bootstrap test to determine whether some forecasters are able to make superior probability assessments to others. In contrast to some findings in the literature for point predictions, there is evidence that some individuals really are better than others. The testing procedure controls for the different economic conditions the forecasters may face, given that each individual responds to only a subset of the surveys. One possible explanation for the different findings for point predictions and histograms is explored: that newcomers may make less accurate histogram forecasts than experienced respondents given the greater complexity of the task. View Full-Text
Keywords: survey forecasters; probability distributions; probability scores survey forecasters; probability distributions; probability scores
MDPI and ACS Style

Clements, M.P. Are Some Forecasters’ Probability Assessments of Macro Variables Better Than Those of Others? Econometrics 2020, 8, 16.

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